The Office of Thrift Supervision (OTS) urged OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Obama administration's Financial Stability Plan's home loan modification program is finalized in the next few weeks.
‘OTS-regulated institutions would be supporting the national imperative to combat the economic crisis by suspending foreclosures until the new plan takes hold,’ said John Reich, OTS director, in a statement released by the agency.
The Financial Stability Plan, unveiled Feb. 10 by Treasury Secretary Timothy Geithner, commits $50 billion to prevent avoidable foreclosures by reducing monthly payments for homeowners. OTS regulates more than 800 thrifts.
SOURCE: Office of Thrift Supervision